US Congressman blasts Basel II while supervisors forge ahead

The comment underscores the precarious situation of the Basel II agreement within the US, where legislators and some banking regulators continue to attempt to undermine the implementation of the accord domestically.

Richard Selby, who is chairman of the US Senate Banking Committee, expressed serious reservations about whether the US would ever adopt the revised Basel framework. His comments were reported in The Independent, a UK newspaper. The remark kicked off a series of meetings between Fe

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